Coinbase’s XRP Sell-Offs Fuel Manipulation Speculation
The cryptocurrency community has started to suspect that Coinbase may be manipulating XRP
Quick overview
- The cryptocurrency community suspects Coinbase may be manipulating XRP, especially after a significant reduction in its holdings from 780 million to 199 million tokens.
- An 'XRP Suppression Index' was created, showing a strong correlation between XRP price caps and Coinbase's sell-offs.
- Pro-XRP lawyer Bill Morgan dismissed the manipulation theory, noting that XRP's price has continued to fluctuate normally despite Coinbase's actions.
- Investor expectations for an XRP exchange-traded fund (ETF) are rising, particularly with BlackRock's involvement in Ripple's upcoming Swell 2025 event.
Live XRP/USD Chart
The cryptocurrency community has started to suspect that Coinbase may be manipulating XRP. This suspicion intensified after an investor claimed that on-chain data indicated Coinbase had significantly reduced its XRP holdings, dropping from about 780 million tokens to just 199 million in recent weeks—a striking decline of 69 percent. Supporters of XRP even established an “XRP Suppression Index,” which demonstrated a strong correlation of 0.87 between XRP price caps and Coinbase’s sell-offs.
In response to these claims, Bill Morgan, a pro-XRP lawyer, expressed his frustration but dismissed the theory. He stated, “There is an extreme theory that Coinbase opposes XRP. As everyone knows, Coinbase is not a fan of XRP.”
He further explained that the main issue with this theory is straightforward: even during the extended period after Coinbase delisted the token and had no control over sell-offs, XRP’s price has continued to fluctuate in its usual pattern
Nevertheless, XRP remains within a broader bullish framework. According to one analyst, the price of XRP is exhibiting the same structure it had during its 2017 bull run. Although the current pullback seems deep and chaotic, the analyst claims that no significant support levels have been breached. He predicted, “There will be a parabolic rally to $4.50 and higher after this consolidation phase.”
A potential launch of an XRP exchange-traded fund (ETF) is gaining traction following Ripple’s confirmation that Maxwell Stein, BlackRock’s Digital Asset Director, will attend the company’s Swell 2025 event. This event is scheduled to take place in New York on November 4-5, 2025. Notable figures in the cryptocurrency sector, including Brad Garlinghouse, CEO of Ripple, and Adena Friedman, CEO of Nasdaq, are set to participate, with over 60 speakers for the event.
BlackRock’s involvement has heightened investor expectations for a potential announcement or collaboration while discussions regarding an XRP ETF are not officially on the agenda,
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